ETI Specialized Resolution Company To Appeal Court Judgment On Honeywell Suit

Proshare

Friday, May 31, 2019   /  07:10PM  /  By ESRC    / Header Image Credit: scrollreport.com


 

The ETI Specialized Resolution Company Ltd (ESRC) which took over the disputed Honeywell loans is set to appeal the judgement delivered by Justice Ayokunle Faji of the Lagos Federal High Court, on the protracted N5.5 billion legal suit between Honeywell and Ecobank.    

 

The ETI Specialized Resolution Company Ltd (ESRC), a Recovery resolution vehicle of the Ecobank group will fully prosecute the appeal as it strongly disagrees with the decision of the court.   

 

The main purpose of ESRC is to pursue and recover all outstanding loan obligations of customers whose loans were sold to the company.  It has indeed made appreciable progress in this regard.

 

The suit, which was filed by Honeywell Flour Mills Plc, and its sister companies; Anchorage Leisures Ltd and Siloam Global Limited, against Ecobank urged the court to hold that they are not indebted to Ecobank, having paid N3.5 billion based on a concession purportedly given by the Bank.

 

Justice Faji in his judgement delivered on Friday May 31st, 2019, ruled that since Honeywell paid in line with the agreement reached at the meeting of December 2013, it is no longer indebted to Ecobank.    

 

ESRC said it will appeal the judgement as same did not take into consideration salient facts put before the court.  In the view of ESRC, a debtor should be made to pay its full debt having failed to pay as and when agreed.

 

A spokesperson for ESRC said that the company will pursue recovery of the debts owed by the Honeywell companies to the logical conclusion through the courts, as return of depositors’ funds is key to ensuring the sanctity of agreements and viability of continued support and growth of local businesses by Banks.

 

 

 

Proshare Nigeria Pvt. Ltd.

 

 

Related News

1.       ETI Issues a 5-Year $50m Senior Unsecured Bond OfferingMay 30, 2019

2.      President Buhari Requests Ecobank’s Collaboration on Government’s Intervention in AgricultureMay 29, 2019

3.      ETI Stocks Soar As Foreign Portfolio Investors Return To MarketMay 29, 2019

4.      ETI Declares N29.66bn PAT in Q1 2019 Results,(SP:N10.45k)Apr 30, 2019

5.      Ecobank Insists On Recovery Of Honeywell’s DebtOct 09, 2018

6.       Honeywell Sues Ecobank N72bn For Damages After Failed Ex-parte  - Sept 25, 2018

7.       Alleged N3.5bn debt: Ecobank loses appeal against Honeywell ... - Aug 11, 2018

8.     Ecobank Fails against Honeywell as Supreme Court Dismisses ... - Jun 18, 2018

9.      Honeywell companies no longer indebted to Ecobank - Oba Otudeko ... - Feb 15, 2018

10.  Why Ecobank is Wrong in its Actions Against Honeywell ... - Proshare - Jun 11, 2016

11.   Facts Behind the Ecobank vs. Otudeko Debt Debacle, Airtel ... - Proshare - May 31, 2016

12.  Why Ecobank is Wrong in its Actions Against Honeywell Group - Jun 11, 2016

13.  Legal Dispute between Honeywell Flour Mills Plc And Ecobank ... - Jun 14, 2016

14.  Ecobank Nigeria Loses Winding Up Suit(s) Against ... - Proshare - Jun 28, 2016

15.   AMCON and The Burden of Debt Recovery in Nigeria - Case Study of 4 Debtors

16.  The Evolution Of Business Rescue In Nigeria

17.   AMCON, AMPs and Debt Recovery Turnaround – First Glance

 

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP